BNB has experienced a 10% decrease following the decision of Binance CEO Changpeng Zhao to resign.
Binance CEO's resignation links to a record $4.3 billion settlement with the US SEC.
Binance founder CZ released on $175M bond after being in custody.
Over the recent fortnight, BNB fluctuated from $258 to $235, reflecting the crypto market's uncertainty.
The Binance price rebounded following CZ's tweet reassuring users about the safety of their funds, with "SAFU" standing for Secure Asset Fund for Users.
The decline in the BNB funding rate suggests that there may be further challenges ahead.
Bulls made a strong push, breaking a key resistance level and driving the price higher. However, the rally was brief, with the price facing rejection at $272.
Technical Views:
According to CoinGabbar Price Analysis, BNB experiences a 10% drop as it breaks below the emerging support trendline.
Binance coin follows a sideways trend governed by a symmetrical triangle pattern.
BNB price has traded in a tight range for over 20 months, forming a symmetrical triangle pattern on weekly charts.
The coin is anticipated to decline, possibly retesting the triangle's lower boundary around $200.
Historical data indicates that touches on this lower trendline have sparked substantial buying interest, often resulting in a bullish reversal.
KEY LEVELS :
RESISTANCE LEVEL : $239-$246
SUPPORT LEVEL : $230-$222
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. However, it's crucial to do your own research and assess the risks involved before investing in any market.
